A dosage indicator assembly is presented which may be removably attached or fixedly attached to a pill bottle or other medication container, for instance, for disposition onto a top surface of a pill bottle cap, as a replacement cap for a pill bottle, or integral with a cap of a pill bottle. In particular, the dosage indicator assembly of the various embodiments of the present invention is cooperatively structured to track and/or indicate to a user the consumption of prescription pills or other medication in order to prevent inadvertent overdose, for instance, as a result of a lapse in memory as to whether a pill or medication has recently been consumed.